MANILA, Philippines - The Philippine Stock Exchange (PSE) has approved the listing application of GT Capital Holdings Inc. and East West Banking Corp., paving the way for their maiden offering of shares.
GT Capital, the main investment vehicle of banking tycoon George S.K. Ty, will sell up to 41.217 million shares at P520 apiece.
In case of strong demand, GT Capital has also allotted as much as 6.182 million common shares worth P3.21 billion for the greenshoe option.
Including the overallotment option, GT Capital stands to raise a maximum P24.6 billion from the share sale.
The offer price will be finalized on April 3 while the offering is slated to commence on April 10. Listing of the shares has been scheduled on April 20.
UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.
Proceeds from the IPO will be used to accelerate key growth projects of the group’s property unit and acquisition of additional stakes in its property and power buisnesses.
Meanwhile, EastWest will sell up to 245.316 million common shares through a primary and secondary offering to raise as much as P6.6 billion. The shares will be sold in both local and international markets at a maximum price of P23.50 apiece.
EastWest, the banking unit of the Gotianun-led holding firm Filinvest Development Corp., plans to use proceeds from the issue to fund its continuous expansion as well as acquisition of bank branch licenses.
Up to 36.797 million shares had been set aside for the overallotment option.
EastWest will embark on a domestic roadshow and book-building program on April 10 and set the final offer price on April 19. The offer will run from April 20 to 26 while the listing is targeted on May 7.
The bank has tapped Deutsche Bank AG and JP Morgan Securities as international lead managers. Unicapital Inc., on the other hand, will serve as the domestic lead underwriter.